One of the most common things we hear from empty nesters and downsizers is something like: “I think my house has gone up in value, but I don’t really know what it’s worth now.”

Fair. And important. Because that number, your home’s current value minus what you owe, is the foundation of everything. It’s what makes your next chapter possible.

So let’s talk real numbers for Jacksonville right now.

The Equity Picture for a Typical Jacksonville Empty Nester

Let’s say you bought a 4-bedroom home in the Mandarin area of Jacksonville in 2014 for $250,000. You’ve been paying down your mortgage for 12 years and home values in that area have increased significantly.

Here’s a rough snapshot of what that might look like today:

That’s a significant number. And that number is what funds your next move, whether it’s a smaller home in the same area, a condo near the water, or a new construction community in St. Johns County.

Where Are Downsizers Actually Landing in Jacksonville?

Based on what we’re seeing with our clients, the most popular landing spots for empty nesters and downsizers right now are:

The Math That Actually Matters

If you sell your 4-bedroom for $400,000 and net $260,000 after paying off your mortgage and closing costs, and you buy a 2-bedroom home for $350,000, you’re either putting $260,000 down (hello, low mortgage!) or pocketing some of that equity for retirement, travel, or that deck renovation you’ve been dreaming about.

That’s a life-changing financial move. And Jacksonville’s market right now makes it very achievable.

Curious what your specific home is worth and what your equity picture looks like? Call or text: (904) 515-2479

Download our free Right-Sizing Roadmap to see exactly how the numbers work for your situation. Request yours here.

Kevin and Jennifer Hanley, REALTORS® | KW Atlantic Partners Southside The Hanley Home Team HanleyHomeTeam.com

We touched on portability in our last post, but this topic deserves its own deep dive because we see confusion about it constantly. And the confusion is costing Jacksonville homeowners real money.

Let’s get specific.

The Three Scenarios You Need to Understand

Scenario 1: You downsize to a less expensive home

If your new home has a lower market value than your old home, your portability benefit is prorated. You transfer a percentage of your benefit equal to the ratio of the new home’s value to the old home’s value.

Example: Your old home was worth $500,000 with a $200,000 benefit. Your new home is worth $300,000, which is 60% of your old home’s value. You can transfer 60% of your $200,000 benefit, which equals $120,000.

So your $300,000 new home gets assessed at $180,000 in the first year. That’s a substantial savings.

Scenario 2: You move to an equally priced or more expensive home

You can transfer your full benefit, up to the $500,000 cap. If your benefit was $200,000 and your new home is worth $450,000, your new home gets assessed at $250,000 instead of $450,000. That’s roughly $2,500 to $4,000 in annual tax savings depending on the millage rate.

Scenario 3: You wait too long

Here’s the one that hurts people. You have THREE YEARS from when you abandon your previous homestead to claim portability on a new Florida home. If you sell your Jacksonville home, rent for four years while you figure out your next move, and then buy again, you may have lost your portability benefit entirely.

This is a real reason to think carefully about timing if you’re considering renting in between.

The Filing Process

File for homestead exemption AND portability at the same time using Form DR-501 (homestead) and Form DR-501T (portability transfer) at your county Property Appraiser’s office. In Duval County that’s the Duval County Property Appraiser. In St. Johns County, it’s the St. Johns County Property Appraiser.

Do this as soon as possible after closing on your new home, and make sure it’s done before the March 1 deadline.

The Bottom Line

Portability is a genuinely significant financial benefit for Florida homeowners who have been in their homes for many years. Don’t leave it on the table by not understanding how it works or by waiting too long to buy your next home.

We help our clients navigate every aspect of the financial side of moving, including property taxes. Call (904) 515-2479 |

Request our free Right-Sizing Roadmap which includes a full property tax guide for Jacksonville downsizers. Request yours here.

Kevin and Jennifer Hanley, REALTORS® | KW Atlantic Partners Southside The Hanley Home Team HanleyHomeTeam.com

This is probably the most underused benefit available to Florida homeowners who are thinking about moving. And honestly, it surprises even longtime Florida residents when we explain it.

It’s called property tax portability, and if you’ve built up a lot of Save Our Homes benefit in your current home, it could save you thousands of dollars a year in your new home.

What Is Property Tax Portability?

Remember how we talked about Florida’s Save Our Homes cap, which limits your assessed value increase to 3% per year? Over time, if you’ve been in your home for many years, the gap between your assessed value and your actual market value can be very large.

That gap is called your “benefit.” And Florida law allows you to take up to $500,000 of that benefit with you when you move to a new primary residence in Florida.

This is portability.

A Real Example

Let’s say your current home has a market value of $450,000 but thanks to Save Our Homes, your assessed value is only $280,000. Your benefit is $170,000.

When you buy a new home in Florida, you can apply that $170,000 benefit to reduce the assessed value of your new home. Instead of your $380,000 new home being assessed at $380,000, it might be assessed at $210,000 in the first year. That’s a massive property tax reduction.

How to Claim It

You apply for portability at the same time you file for your homestead exemption at the property appraiser’s office. The key requirements:

Why This Matters for Downsizers Specifically

Many of our empty nester clients have been in their homes for 10 to 20 years. Their portability benefit is enormous. We’ve seen clients reduce their new home’s assessed value by $200,000 or more, resulting in property tax savings of $3,000 to $5,000 per year.

That changes the financial math of downsizing significantly. It means your new, smaller home may cost considerably less to own annually than you’d initially calculated based on current market values.

Want help estimating your portability benefit and what it means for your next move? Call (904) 515-2479 |

Download our free Right-Sizing Roadmap which includes a property tax portability estimator worksheet. Request yours here.

Kevin and Jennifer Hanley, REALTORS® | KW Atlantic Partners Southside The Hanley Home Team HanleyHomeTeam.com